Sosa Company has the following post-closing trial balance on December 31, 2024: (Click the icon to view the post-closing trial balance.) Additional information: a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. b. The company's accounting department has gathered the following budgeting information for the first quarter of 2025: (Click the icon to view the budgeting information.) Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. C. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Requirement 1. Prepare Sosa Company's budgeted income statement for the first quarter of 2025. Sosa Company Budgeted Income Statement For the Quarter Ended March 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income Data table Sosa Company Post-Closing Trial Balance December 31, 2024 Account Debit Credit Cash $ 32,000 Accounts Receivable 25,400 Raw Materials Inventory 9,000 Finished Goods Inventory Equipment 25,800 145,000 Accumulated Depreciation 10,000 Accounts Payable 9,000 Common Stock 100,000 118,200 Retained Earnings $ 237,200 $ 237,200 Totals Data table I Budgeted total sales, all on account 306,000 Budgeted direct materials to be purchased and used 31,000 Budgeted direct labor cost 13,320 Budgeted manufacturing overhead costs: Variable manufacturing overhead 2,000 Depreciation 1,500 Insurance and property taxes 1,300 Budgeted cost of goods sold 71,800 Budgeted selling and administrative expenses: Salaries expense 12,000 Rent expense 4,000 Insurance expense Depreciation expense 2,000 400 Supplies expense 6,120 Budgeted cash receipts from customers Budgeted income tax expense 265,000 46,000 Budgeted purchase and payment for capital expenditures (additional 39,000